I was looking at the expired listings and saw some properties that had been on the market for a long time. Some of this probably was a result of not being priced right.
- The value of some homes was less than the amount owed
- Financing was harder to get
- Appraisals seem to have swung too far in the conservative direction
- Days on Market were at an all time high
- Inventory was plentiful
Despite all that, some properties did sell and do you know why? Yes, they were priced right.
I don’t mean to get on a soap box, but, the truth is, buyers really don’t care what you think you should net. They will only pay what the market can bear. Last year some sellers did get offers closer to what they wanted but a nasty surprise awaited them, the appraisal came in low. The choice then was to lower the price or keep waiting until someone came along with cash who just had to have that home. It does happen sometime but not too often.
So, if you are planning to list your home this year, do the smart thing, start off by pricing it right. Your agent can assist you in arriving at a comparable price, but, if you are still in doubt maybe you should order an appraisal. Then you will really know what to expect.
Price it right and the chance of achieving your goal of selling your home in 2012 looks very good.